16 April 2020Back to Blog
Security of Saas-based eCommerce platforms
What are the security benefits of a SaaS-based eCommerce platform?
It’s obvious that you want your site to be a secure place for both your business and customers. Without following the correct procedures, merchants and business owners can put their eCommerce sites at great risk of security breaches or fraud.
Huge corporations like Marriott and British Airways have previously been subject to business losses due to security breaches e.g personal and banking data or passenger details compromised – proving that it can really happen to anyone if the correct measures and procedures aren’t put in place.
According to IBM Security and the Ponemon Institute’s 2018 report on ‘Cost of a Data Breach Report’ the global average cost of a data breach to a business is $3.86 million.
This year, organisations are expected to spend $101.6 Billion on cybersecurity software, services, and hardware. Even more reason to stay protected and safeguard your business. The risk becomes heightened the bigger your website is. Making sure you have the correct site security is a crucial part of your eCommerce strategy and should not be overlooked.
What companies need to be asking themselves is the following:
- What steps can I take to improve my system’s security?
- Can I reduce my vulnerability to attack?
- How should I manage the cost of system maintenance and stay secure?
- Are there ways to protect my store from hackers?
How can I protect against system failure?
Using a cloud-based system is one improvement that can be made to combat system failure. When a system is cloud-based, data is stored on a network that can be monitored automatically, 24/7. Not only will you be met with an overall lower cost of ownership, but the risk of human error will also be reduced. This increases flexibility for businesses, who can be confident their data is protected. Cloud-based systems are also managed centrally and have controlled access, so critical data is stored off-site, not at the physical place of work.
By 2025 Gartner predicts that 99% of cloud security failures will be the customer’s fault – which proves that leaving the cloud to do its job is certainly the safest way to progress.
This is brought into light further by security firm Surcuri, who, in a 2018 report, found that over 80% of infected e-commerce sites on major platforms Magento (83.1%), OpenShop (91.3%) and Prestashop (97.2%) had not been kept up to date.
SAAS based systems do not have this issue, as they are kept up to date centrally and by a single dedicated security team. Business owners are not relying on their inhouse team to get things done correctly, on-time and as soon as a new security update is released.
Why is on-premise less safe?
With on-premise solutions, data loss can be permanent when a system fails, which could be detrimental and costly to your business (Aberdeen Group). As downtime with SaaS platforms is uncommon, you don’t tend to run into the same issues, and can retrieve back-ups should this rarity occur.
Magento, a popular on-premise platform could be a less secure option for your business. As Magento 1 edges ever closer to End of Life (1 June 2020), some critical queries are being raised in regards to security. After this date, merchants still on Magento 1 run the risk of encountering serious security and maintenance issues if they do not migrate to another platform. Updates also need to be done by in-house teams, which not only increases vulnerabilities, it also becomes a target to hackers. Businesses, especially, those of enterprise size, are rapidly adopting SaaS cloud-based solutions.
Why is trust so important?
As we all know, customer trust underpins positive relationships. Businesses need to prioritise customer loyalty in all parts of their business, especially when considering data security. When it comes to data protection, 69% of consumers believe that companies are responsible for protecting consumer data (Thales).
Whenever a customer makes a purchase on an eCommerce site, they are providing important personal data (payment information/address/email, etc).
If trust is lost, due to a data breach for example, it can be extremely difficult and sometimes impossible to regain it. Prevention rather than cure!
Which eCommerce platforms can I consider?
Ecommerce, as a whole, is a complex industry and security is becoming more and more sophisticated by the day. If you want to ensure your valuable eCommerce site is protected from potential threats, choosing a SaaS solution is definitely the way forward. A platform such as BigCommerce, – which, interestingly, is one of only a small handful of SaaS eCommerce platforms to have been awarded the internationally recognised ISO/IEC 27001:2013 certification, can give you the reassurance you need. With robust security layers and strict data policies, you can be put at ease knowing your store is safe.
How else can I protect my store?
At 5874, we are experienced with SaaS platform migration and have strong relationships with our dedicated partners. Why would you compromise on the security of your store when you could so easily be protected from these troublesome threats? Contact our expert team for more information by calling 0121 369 5874 or emailing us on email@example.com.